Boring Bitcoin Continues Range And Goldman Bullish On Coinbase

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Just like stocks it’s starting to look like with Bitcoin you better “stay away in May but remember, to come back in September”. The world’s biggest cryptocurrency by market capitalization continues its unending dance between $30k and $35k, now for three weeks unending apparently.

Important charts to look at while #Bitcoin showing some signs of a downward price movement.

All these charts are accurately predicting price action as of late May 2021!

(Still no significant volume)

Not Financial Advice. #BTC pic.twitter.com/69wGGZNJSL

— Ari Rudd (@AriRudd) July 14, 2021

Q2 reporting

Meanwhile Wall Street is getting ready to report second quarter earnings, which are quite different from last year’s numbers. Whereas 2020’s April to June period meant a pullback due to covid-19’s effects and lockdowns, 2021’s April to June period has been marked by reopenings, vaccinations rollouts and supply chain bottlenecks (which in turn led to higher prices and thus inflation).

One of the stocks being touted for a great Q2 report is Coinbase, according to a new Goldman Sachs memo which claims that the crypto exchange is a top 25 tactical trade.

$COIN Coinbase’s quarterly earnings will beat estimates, says Goldman https://t.co/SkPArDYTTG #COIN

— Proactive USA (@proactive_NA) July 13, 2021

Coinbase, which launched its IPO just as Bitcoin reached its peak price of $64,000 has known a harsh few months, but does seem to be fulfilling it’s role as a spreader of the awareness of crypto to the general public. Certainly with Robinhood, another major player in the US crypto trade market, also placing an IPO shortly, Goldman expects Coinbase to report earnings which will beat market estimates.

Goldman admits that their earnings per share estimate for Coinbase is 11% above consensus for the year ahead, meaning they are a tad more bullish than their peers on Wall Street. We’ll soon find out if they’re right.

grejak / Depositphotos.com